Our lives are becoming increasingly digital, and so too increases the risk of cyber threats. South Africa, in particular, is grappling with a growing cybersecurity crisis.
The Information Regulator reports over 150 data breach notifications monthly as of March 2024 – a stark increase from the 56 per month recorded in 2023.
This surge isn’t just a statistic – it’s a red flag for both businesses and consumers.
Cybersecurity threats and data breaches
As businesses transition to digital platforms to improve efficiency and customer experience, they inadvertently create more entry points for cybercriminals.”
It’s a classic case of the road to digital hell being paved with good intentions. The consequences of these breaches are far from trivial.
Remember the TransUnion hack[1] in 2022?
Cybercriminals compromised 54 million personal records, including those of President Cyril Ramaphosa. And then they demanded a cool $15 million ransom.
It’s not just big corporations at risk – small businesses and individuals are equally vulnerable.
The Ashley Madison lesson
For those thinking, “It can’t happen to me,” let’s take a stroll down memory lane to the infamous Ashley Madison breach of 2015[2].
This dating site for wannabe adulterers saw over 30 million users’ details exposed, leading to a domino effect of embarrassment, extortion, and in some tragic cases, suicide and divorce.
The recent Netflix documentary Sex, Lies & Scandal revealed an even darker truth: the company never actually deleted user information as promised, leaving everyone exposed when the breach occurred.
The financial fallout of data breaches
The economic impact of a data breach? Brace yourself…
In April, the Council for Scientific and Industrial Research (CSIR) estimated annual financial losses of up to R2.2 billion due to cybercrime in South Africa.
That’s not pocket change – it’s a significant blow to an already struggling economy.
WATCH: Cybercrime in South Africa
Skip to the 56-min mark for CSIR Research Group Leader Billy Petzer’s presentation.
How to protect your digital self
So, what can we do?
For businesses, Carey van Vlaanderen, CEO of ESET Southern Africa, advises a multi-pronged approach:
“Use firewalls, encryption, and ensure all software is up-to-date. Regular security audits and employee education are crucial.” It’s not just about technology; it’s about creating a culture of cybersecurity awareness.”
For consumers, it’s all about vigilance. Van Vlaanderen advices to “use strong, unique passwords, enable two-factor authentication, and be wary of suspicious emails and links.”
“Regular monitoring of financial statements and credit reports can help catch any unauthorised activities early”.
And if you do find yourself victim to a data breach or some other form of cybercrime, don’t panic – but do act fast.
Businesses:
- Contain the breach immediately.
- Assess the damage.
- Communicate transparently with affected parties.
Individuals:
- Monitor your accounts.
- Change passwords.
- Consider freezing your credit to prevent unauthorised accounts from being opened in your name.
Truly, the importance of cybersecurity cannot be overstated.
It’s not just about protecting data; it’s about safeguarding our digital future. The surge in data breaches is a wake-up call – one we can’t afford to sleep through.
Editor’s note: Have you been affected by a data breach? We want to hear your story. Share your experience or ask questions about cybersecurity by emailing daniel@technation.news.
References:
[1] Transunion cyber incident.
[2] Ashley Madison Data Breach of 2015.
